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What Is the Best Way Tax Advisors Can Charge for ERC Claims?
Question: How are you pricing Employee Retention Credit claims? Answer: The Employee Retention Credit (ERC) has seemed more confusing than some of the other tax credits simply because it was mostly ignored by the tax community early in the pandemic. While small businesses happily pocketed PPP funds rather than claim the credit, the choice between the two benefits was clear. As we now know, business owners can have both PPP loan forgiveness as well as access to the ERC tax credits. But many smaller firms and payroll processors felt overwhelmed by the demand, and with refunds taking months to process, some businesses are often looking for help on their own. So many new players have entered the game selling access to these credits, up to $33,000 in cash per employee. Firms selling R&D studies and cost segregation are advertising – hard. Most are charging a percentage of the total credit amount. You don’t want to miss out on this valuable service for your client to capture this free cash, yet many advisors are passing on this work due to the time, research, and education requirements for something that has such a short shelf life. Is it worth losing income to meet everyone’s needs? Continue reading to check out the results of a short survey asking tax pros how they are charging for this type of work.
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CURRENT EDITION
Navigating IRS Penalty Relief and Forgiveness
Yes, the IRS does forgive some tax penalties. The IRS refers to this forgiveness as penalty abatement. Abatement is the act or process of reducing or removing something. In this case it is removing or reducing a penalty. But penalty forgiveness is not a blanket offer that everyone qualifies for the way the radio ads make it seem. There is a process that the IRS has for requesting and granting abatement. It is up to the taxpayer to prove that they qualify for abatement. That’s where you come in.
From The Government And Not There To Help You
The story of James J. Maggard has some interesting and possibly valuable lessons. The one that strikes me as particularly important is that it makes it crystal clear that disproportionate distributions contrary to a corporation’s governing documents will not blow its S election. That does not mean that disproportionate distributions are just fine and that you don’t need to address them. There is a practical lesson about being careful who you take on as fellow shareholders. And there is another slightly odd lesson, that almost makes me want to create a new law of tax planning: Don’t deliberately involve the IRS in your business disputes. Their job is not to help you.
Explore Our Free Articles
Get a taste of our comprehensive tax planning insights with four featured articles, free for everyone.
Tax Professionals’ Update: IRS Announces 2024-2025 Per Diem Rates—What You Need to Know
The IRS has released the updated per diem rates for the 2024-2025 period (IRS Notice 2024-68), which are now effective for business travel beginning October 1, 2024. These rates play an essential role in helping tax professionals and businesses substantiate the ordinary and necessary expenses incurred by employees while traveling
2024 Endless Summer Education BONUS Series Calendar
Our 2024 SUMMER EDUCATION SERIES was such a big hit that we’ve decided to bring you two BONUS webinars! Every webinar comes with free continuing education credits for those who qualify! Keep reading for more details…
Avoid IRS Red Flags in Multiple Business Strategies: A Guide for the Wary Tax Business Owner
In the labyrinth of tax planning and business structure, the path to protecting your client’s multiple business strategy from the ever-watchful eye of the IRS can be as intricate as a well-played game of chess. However, while the strategic moves might be complex, the rules of the game are quite
Small Biz Faces a Huge New Reporting Reg Next Year
Regulatory tsunamis come in batches. By now, for example, most of you have heard about the tax-reporting requirement slated to kick in next year, where the IRS would’ve learned about the income of individual taxpayers who made just $600 on the likes of eBay. That sounded like a looming nightmare
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Inventory Expensing and The Cash Method: Changes from the TCJA
Join Lucien P. Gauthier as we discuss these two changes made by the TCJA in depth.
Taking the Mystery Out of Revised Energy Credits for Individuals
Learn valuable tips to help your clients claim the new residential energy and electric vehicle credits.
Tax Season 911
Your preparedness plan to create tax savings and survive the busiest of times without falling into old habits!
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Featured Authors
Amber Gray-Fenner is an Enrolled Agent and tax practitioner specializing in tax returns, planning, and representation for individuals and small businesses. She owns Tax Therapy, LLC in Albuquerque, New Mexico.
Matt Metras, EA, owns MDM Financial Services in NY, specializing in bookkeeping and taxation for cryptocurrency clients. He’s an educator on cryptocurrency taxation and actively engages in community advocacy.
Jeff Stimpson, has been a tax and finance writer for 25 years. Hee contributes to publications like Accounting Today and Financial Advisor. His other credits include sales tax, technology, and practice management, residing in New York.
Annette Nellen is a professor and tax program director at San José State University, with extensive involvement in tax organizations and a focus on tax policy, cryptocurrency, and education.
Peter J Reilly graduated from the College of the Holy Cross, worked in CPA firms like Joseph B Cohan and Associates and CCR LLP, and now runs a tax practice while writing for Forbes.com.
Thomas Gorczynski, EA USTCP CTP, is a tax expert known for speaking and educating on federal tax law. He’s editor-in-chief of EA Journal, co-author of the PassKey Learning Systems EA Review Series, and runs a tax practice in Phoenix, Arizona.
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